Confirmation of a bottom with a range violation on 11/15/12 @ 1.2788. Confirmation of a bottom with a close violation on 11/19/12 @ 1.2811. Upside Targets = 1.3117 – 1.3177.

New highs made on current move Wednesday @ 1.3130. Initial Upside Target over 110% achieved.

The December Euro FX logged its first losing day in over a week on Wednesday as the market fell just short of breaking through the October highs and daily RBB to settle back in the lower 30% of the day’s trading range.

The possible correction that the euro may see should be limited to a 4-6 day move that does not drop below 1.2938 before buyers return to market and chase down the 2012 highs.

Confirmation of a top with a range violation on 12/05/12 @ 1401.25. Confirmation of a bottom with a close violation on 11/20/12 @ 1386.25. Upside Targets = 1404.00 – 1420.00.

OVB generated on Wednesday. Confirmation of a top with a range violation @ 1401.25.

The December S&Ps finally cracked the 1400 floor in the market on Wednesday but came firing back no sooner than that level had been breached as the market remains very volatile as projected in this Monday’s report.

While the S&Ps have failed to close below 1400 in six sessions, this market has yet to find the necessary strength indicative of a sustainable rally that would propel the S&P’s above the November highs and still carries a high level of risk for a technical breakdown.

About the Author

KMH is a trading and technical analysis firm that specializes in commodity futures and commodity based ETF’s. Kris Hicks has worked for numerous years in the commodity business and in 2011 accurately forecasted both $25 moves to the downside in May and July and the $25+ move to the upside in October in oil. He also called the all-time high day for gold on Sept. 6, 2011 and forecasted a projected downside target of 1528.10 in March 2012. He was also responsible for projecting the Q2 and Q4 low in the Euro FX to within 13 and 9 ticks, respectively. His trading methodology has a high degree of accuracy which confirms tops/bottoms, projected trading ranges and projected targets for those ranges. His expertise is focused on 16 commodities plus the comparable ETF markets. You can reach Kris at Kris@KMH-Capital.com or visit his website at www.KMH-Capital.com.